The Monday Roundup: what we are watching this week | Feb 2nd

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

From GST relief to tokenisation bets

The Indian Union Budget 2026–27 underscored FinTech as a key driver of the digital economy. Finance Minister Nirmala Sitharaman highlighted the sector’s role in payments, lending, wealth management, and embedded finance. The Budget proposed greater regulatory clarity to strengthen trust in digital financial services, alongside tax rationalisation measures to reduce compliance burdens and improve capital efficiency for startups. Industry leaders welcomed the government’s backing for innovation-led growth, particularly in areas such as AI-driven financial solutions, open-source technologies, and the expansion of digital infrastructure.

The Budget also reinforced support for digital public infrastructure, ensuring FinTechs can scale securely and inclusively. By focusing on GST relief, streamlined regulations, and stronger digital ecosystems, the government aims to position India as a global FinTech hub. These measures align with the broader Yuva Shakti-driven vision, encouraging entrepreneurship and innovation while safeguarding consumer interests.

Jeel, the technology subsidiary of Riyad Bank, has entered into a strategic MoU with Ripple to investigate how blockchain can transform financial services in Saudi Arabia. The collaboration will primarily assess how distributed ledger technology can improve cross-border payments, a critical area for the Kingdom given its large expatriate population and high remittance flows. By leveraging Ripple’s blockchain expertise, the initiative seeks to deliver faster, cheaper, and more transparent international transactions compared to traditional systems.

Beyond payments, the partnership will also explore digital asset custody solutions, ensuring secure storage and management of cryptocurrencies and tokenised assets. Additionally, Jeel and Ripple plan to evaluate opportunities in tokenisation, which could enable new financial products and investment models by converting real-world assets into digital tokens.

This MoU reflects Saudi Arabia’s growing interest in blockchain as part of its broader Vision 2030 strategy, which emphasises innovation and digital transformation in the financial sector. For Ripple, the agreement strengthens its presence in the Middle East, a region increasingly adopting blockchain for remittances and fintech growth. The collaboration signals a step toward modernising Saudi Arabia’s financial infrastructure and positioning the Kingdom as a regional leader in blockchain adoption.

Institutions double down, central banks digitise the last mile

Talos, a New York-based digital asset infrastructure firm, has raised an additional $45 million in a Series B extension, bringing the total round to $150 million and boosting its valuation to about $1.5 billion. The funding attracted major new investors, including Robinhood, Sony Innovation Fund, IMC, QCP Capital, and Karatage, alongside existing backers such as a16z crypto, BNY Mellon, and Fidelity Investments.

Talos, founded in 2018, provides institutional-grade infrastructure for trading and managing digital assets across multiple exchanges and market makers. Its platform supports pricing, analytics, order execution, and post-trade processes such as reporting and settlement. Since launch, Talos has facilitated over $727 billion in trading volume across 31 countries, serving banks, brokerages, hedge funds, and OTC desks.

The company initially raised $105 million in May 2022 during its Series B round. The new $45 million extension was added to accommodate strong interest from strategic partners, according to CEO Anton Katz. He emphasised that traditional asset classes are increasingly shifting to digital platforms, and Talos aims to position itself at the center of this transformation.

A portion of the funding was settled using stablecoins, reflecting the firm’s commitment to digital-first operations. The capital will be used to expand product development, including portfolio construction, risk management, treasury, and settlement tools. Talos also plans to broaden its offerings to support traditional assets as they migrate into digital formats.

The Central Bank of Egypt (CBE) has launched a contactless electronic payment acceptance service that enables merchants to accept card payments directly through smartphones and tablets, marking a further step in the country’s transition toward digital payments.

Announced on 1 February, the service allows merchants to download a Soft POS (point-of-sale) application that transforms compatible smart devices into payment acceptance terminals. Through the application, merchants can accept payments from various types of contactless cards, with card PINs entered securely on the device in line with internationally accredited security standards.

The initiative forms part of the CBE’s broader strategy to reduce reliance on cash, expand financial inclusion, and support Egypt’s Vision 2030 objectives. By enabling mobile devices to function as payment acceptance points, the central bank aims to widen access to electronic payments, particularly for small and micro enterprises that may have previously faced cost or infrastructure barriers.

What is the Buzz

The Hong Kong Monetary Authority (HKMA) and Switzerland’s State Secretariat for International Finance (SIF) co-organised the eighth Hong Kong-Switzerland Financial Dialogue in Bern. The event brought together senior representatives from the Swiss National Bank, the Swiss Financial Market Supervisory Authority, and the HKMA. Chaired by Darryl Chan, Deputy Chief Executive of HKMA, and Christoph König, Deputy State Secretary of SIF, the dialogue provided a platform to strengthen cooperation in financial services and address global financial challenges.

Discussions covered the regional and domestic economic outlooks, policy issues, and recent developments in the financial sector. Key areas of collaboration included sustainable finance, FinTech innovation, and market connectivity, reflecting the shared priorities of both economies in adapting to evolving global trends.

Following the dialogue, the Swiss Bankers Association and the Hong Kong Private Wealth Management Association hosted a seminar for private-sector participants. Topics included the role of artificial intelligence in banking, the rise of digital assets, and opportunities and challenges in cross-border finance. The seminar emphasised the importance of continued cooperation to enhance financial innovation and resilience, reinforcing the strategic partnership between Hong Kong and Switzerland